FHA purchase loan actually refers to the federal assistance mortgage loan which gets insured by the Federal Housing Administration in the United States. Moreover, these loans are issued by the federally qualified lenders. These types of loans basically support the people of lower income groups to purchase their dream home at ease. This program actually came into being in the year 1930 when the rates of defaults and foreclosures stared raising sharply. The Federal Housing Administration was primarily established to reduce unemployment, increase home construction and regulate numerous programs of loan insurance.
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Important facts about FHA Purchase Loan
*Cost Effective: The borrower is allowed to grab a loan with just 3% of down payment. This is just unbelievable as one can avail the conventional loans by paying as much as 20 to 25% of down payment.
*One can easily qualify for these loans: It is actually very easy to qualify for the FHA loans. You can qualify for this type of loan even if you possess a bad credit history. Moreover the terms and conditions of these loans are very flexible.
*No Prepayment Penalty:You won't be charged any extra penny in case you repay back the borrowed money very early. This can help people to save huge amount of money without any issue. Moreover, as there are no penalty issues one can save the additional money and use it in some other manner.
*Loan limits are low: A home buyer might not get qualified for that much amount which is actually required by him to purchase his dream home. In such a case he must be satisfied with the available amount.
FHA purchase loans come complimented with numerous requirements. As these loans are basically insured by the federal government, you need to fulfill numerous paper works. This factor might be at times irritating but such loans would easily help you to fulfill all your wishes at ease.
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